JPPOWER · Power
Jaiprakash Power Ventures Ltd. reported revenue of ₹1,140 cr for October to December 2024, −47.9% on the year and −7.0% on the quarter.
Operating profit (EBITDA) was ₹290 cr, a margin of 25.4%, −91 bps on the year and −605 bps on the quarter. It is the narrowest margin of the last 7 quarters (range 25.4% to 48.0%). Operating costs grew −47.3%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹127 cr, −26.6% on the year and −30.6% on the quarter, with earnings per share of ₹0.18. Profit before other income, one-offs and tax fell 78.3%, so 52 points of the headline growth came from outside the core business. The tax rate of 34% is in line with its recent average.
Most power earnings are regulated returns on equity, with fuel costs passed through, so revenue can swing with fuel prices while profit moves far less. The quarterly statements do not carry plant load factor, capacity added and regulated equity; those come with the filing read.
On earnings per share of ₹1.82 over the last four quarters, the stock at ₹15.00 trades at 8.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 60% of profit before tax, against −19% a year earlier.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,190 cr | ₹1,515 cr | ₹1,755 cr | ₹1,226 cr | ₹1,140 cr | ₹1,341 cr | ₹1,583 cr | ₹1,438 cr | ₹1,156 cr | ₹1,386 cr | ₹1,724 cr | ₹1,512 cr |
| YoY | — | — | +3% | −9% | −48% | −11% | −10% | +17% | +1% | +3% | +9% | +5% |
| EBITDA margin | 26.3% | 48.0% | 45.0% | 31.5% | 25.4% | 28.9% | 38.0% | 32.8% | 15.1% | 8.7% | 44.0% | 43.5% |
| Other income, % of PBT | −19% | 8% | 4% | 34% | 60% | 13% | 11% | 14% | 295% | 4,200% | −43% | −4,440% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 42% | −7% | 41% | 22% | 34% | 23% | 36% | 38% | 80% | — | −24% | — |
| Net profit | ₹173 cr | ₹589 cr | ₹349 cr | ₹183 cr | ₹127 cr | ₹156 cr | ₹278 cr | ₹182 cr | ₹4.0 cr | −₹13.0 cr | ₹469 cr | ₹33.0 cr |
| YoY | — | — | +82% | +165% | −27% | −74% | −20% | −1% | −97% | −108% | +69% | −82% |
| Core profit YoY | — | — | +97% | −13% | −78% | −65% | −31% | +63% | −148% | −147% | +40% | +80% |
| EPS | ₹0.25 | ₹0.86 | ₹0.51 | ₹0.27 | ₹0.18 | ₹0.23 | ₹0.41 | ₹0.27 | ₹0.01 | −₹0.02 | ₹0.68 | ₹0.05 |
| Flags | · | 1 | ✓ | 3 | 1 | 1 | 1 | ✓ | 2 | 3 | 2 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Jaiprakash Power Ventures Ltd. reported revenue of ₹1,140 cr (−47.9% on the year) and net profit of ₹127 cr (−26.6% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −78.3% on the year, against −26.6% for reported profit.
1 check raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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